Egypt Banks set withdrawal limits on using ATM cards abroad

Several banks operating in the Egyptian market have imposed limits on foreign exchange withdrawal using debit or credit cards outside Egypt, with the aim of relieving pressure on foreign exchange reserves, and also to tighten the screws on the parallel market, after banks spotted some companies and individuals using their cards to withdraw foreign exchange abroad.

The National Bank of Egypt has set the maximum daily cash withdrawal limit with two Visa Classic and Standard MasterCard cards, equivalent to EGP 5,000 from the same currency of the country traveling to, and no more than the equivalent of EGP 20,000 per month, compared to EGP 10,000 per day and EGP 40,000 per month before.

The maximum daily cash withdrawal with the Visa Gold and Titanium MasterCard cards is the equivalent of EGP 10,000 of the same currency of the country traveling to, and not more than the equivalent of EGP 30,000 per month, compared to EGP 20,000 per day and no more than EGP 60,000 per month before the limits were reduced.